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EconomyNewsOil and Gas

139 Investors qualify for next phase of gas flare bid

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that 139 firms were adjudged qualified from the evaluation exercise for the Nigerian Gas Flare Commercialisation Programme (NGFCP).Information Guide Nigeria

Speaking, NURPC Managing Director, Engr. Gbenga Komolafe said the success in the initial phase of the programme marks the beginning of the journey.

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According to THE NATION, he said “However, that was only a start of the journey as the real deal is in making a robust and competitive proposal, with demonstrable evidence for capacity to deliver on the flare monetisation projects, in line with the terms of the Request for Proposal (RFP) would be your desired destination.

Gbenga Komolafe revealed that the initiative targets more investment and employment opportunities and encouraging increased capital inflow to the Nigerian oil and gas sector.NYSC portal

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He said that the value derivable is multifaceted and aligns with the focus areas of the country’s sustainable development goals.

“This is a very defining moment, in the history of Nigeria’s Oil and Gas industry and being a part of this journey is by no means a trivial task. This is especially so because the NGFCP checks the box in many fronts.

“Apart from forestalling the negative impacts of gas flaring on the environment, the programme also ends the wanton wastage of our premium economic resources. In today’s carbon-constrained world, where fossil fuel is becoming less and less popular in view of issues of climate change, natural gas has assumed a stature of significant importance as the bridging fuel for many oil and gas producing nations,” Komolafe said.

On the projected revenue, he said: “What we can tell you is that we aim to generate billions of dollars from the programme. So at the end of the exercise, we’ll be able to get a full account of that revenue from the programme to the government.”

Also speaking on behalf of Production, NUPRC, Dr. Nuhu Habib said: “So at least for now, I think we have ticked all the boxes. We will continue to collaborate and continue to engage with stakeholders and communities, whether they are investors, whether they are locals, whether they are technology providers, whether they are financiers or other public agencies.JAMB Result

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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